Breaking news, real estate watchers: "Renovators are giving makeovers to distressed Highland Park properties, then reselling them to young professionals priced out of nearby Echo Park and Silver Lake"! The LA Times may be coming a tad late to the story, but they do drop some good facts and figures on the Northeast LA hipster flip trend that started with flipper kings Better Shelter and has spread to Extraordinary Real Estate (which originally listed houses for BS), Modern Comfort, and more. Interestingly, the numbers show that median prices are still pretty low in Highland Park, because investors are usually able to buy at super low prices.
Houses Better Shelter has renovated in Highland Park: 20
Houses it's renovated elsewhere in NELA: 15
Absentee buyers buying in HP in the fourth quarter of 2011: 29.1%
Absentee buyers in Eagle Rock: 18.6%
Absentee buyers in Glassell Park and Cypress Park: 25.4%
Median price in HP in the fourth quarter of 2011: $308,250
Median price in Eagle Rock: $425,000
Median price in Glassell/Cypress Parks: $362,000
Median price per square foot in HP in the fourth quarter of 2011: $287 (up 1.2% from fourth quarter 2010)
Median price per square foot in Eagle Rock: $319 (down 1.4%)
Median price per square foot in Glassell/Cypress Parks: $298 (down 8.7% from 2010)
Annual sales movement in NELA since 2009: flat
Number of flipped houses a new Highland Park resident says he's seen in a two-block radius since moving in last May: "probably" 8
And the LAT lists the new gentrifier-friendly businesses that have moved in: "There is Anatomy Fitness, a Zumba and yoga center that is flanked by a Mexican juice shop and an empty storefront. There is Fresco Community Market, a sparkling new organic grocery store that works with a downtown nonprofit to employ the homeless." Meanwhile, the flipping craze has been good for existing businesses too--Garvanza Hardware, est. 1906, has seen increased sales in the past six months. But then, of course Highland Park is like so over already.
· Investors flip over Highland Park [LAT]
· How Many Flippers Are Too Many Flippers in Northeast LA? [Curbed LA]
· Poll: 7 Neighborhoods That Could Be the Next Highland Park [Curbed LA]
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